The Company was founded in 1989 by Ray D. Reaves, and is engaged in oil and gas exploration, production and acquisition.
As of December, 2013, the Company held ownership interests in approximately 360 gross (100 net) wells located in Texas, Oklahoma, Wyoming, New Mexico, and Louisiana.
With Non-operated wells, FPP has a long history with experienced and efficient operators, such as Halcon, Apache, Cimarex, Denbury, Quantum and Linn, to name a few.
With Operated wells, FPP has mainly low-touch, “pumper and electricity only wells” in the Devonian, Ellenberger and Morrow areas of West Texas and New Mexico, and higher maintenance fields that are close to home, such as the Taylor Serbin field near Giddings, Texas.
Oil and gas production is sold on the spot market.